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Tax Reform Act of 1986

   Also found in: Legal, Wikipedia 0.02 sec.
Tax Reform Act of 1986
A 1986 law involving a major overhaul of the US tax code.
Tax Reform Act of 1986
Tax legislation that significantly reduced marginal income tax rates for individuals and corporations as well as curtailed many deductions and eliminated numerous preference items. The Act was designed to be revenue-neutral and, in general, it benefited high-income and low-income individuals and corporations that do not spend large amounts of money on long-lived equipment. Although an original goal had been to simplify the tax system, no simplification was evident in the final legislation.


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